Fitch Ratings has affirmed O'Key Group's foreign currency and local currency long-term issuer default ratings at 'B+'.
Fitch has also affirmed LLC O'Key's senior unsecured debt at 'B+' with a recovery Rating of 'RR4'/50%.
The outlook on the IDRs is stable.
Fitch said the ratings reflected the small scale of O'Key as the seventh-largest Russian food retailer, and intensified competitive pressures.
It said: 'The group nevertheless retains a reasonable market position in hypermarkets and good brand recognition, especially in its home St Petersburg region, one of the largest Russian retail markets.'